Part two of Consuelo Mack WealthTrack‘s annual, exclusive interview with Evercore ISI’s legendary economist Ed Hyman about the 2016 economic outlook premieres nationwide beginning this Friday, January 15 at 7:30 p.m. on public television(check local listings**) and on wealthtrack.com. BlackRock Global Allocation Fund’s long-time Portfolio Manager Dennis Stattman joins Ed Hyman and Anchor Consuelo Mack to discuss the state of the global economy and markets.
Ed Hyman thinks China is the key to the global economy slowdown. Stattman thinks favorable asset price moves are in Europe and Japan.
Ed Hyman: China Is Key To Global Economy Slowdown
Below is a partial transcript.
Last week’s Consuelo Mack WealthTrack interview with Ed Hyman and Stattman about the 2016 U.S. economic outlook is streaming now: http://wealthtrack.com/recent-programs/hyman-stattman-part-1-exclusive-2016-u-s-outlook/
Currently celebrating its 10th anniversary season, Consuelo Mack WealthTrack remains the only program on television devoted to long-term diversified investing, and is seen in 88% of U.S. TV households, including 29 of the Top 30 markets. Watch full episodes at wealthtrack.com.
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Consuelo Mack WealthTrack “Exclusive 2016 Global Outlook”
Premieres nationwide beginning this Friday, January 15 at 7:30 p.m. on public television (check local listings**) and on wealthtrack.com.
Partial transcript of interview preview:
“I would describe the global economy as too slow. So it’s slower than I thought it would be over the past year, and the main motor for that has been the slowdown in China, and so for this year that’s going to be probably the key…right now the U.S. economy is slow and the world economy is too slow, and you have an output gap. The economy is operating below its potential, and that’s making a deflationary undertow which is manifesting itself mainly in the drop in the price of oil, but in general you have a low or almost deflationary environment. They reported the Euro zone producer price index. Big economy, broad price measure, and it was down again and down, I don’t know, five percent over the past couple of years. So there’s no inflation, and the world economy right now is a little too slow, and where that leads you is that central bankers are still pushing pretty hard to get things to improve.
“So Dennis, when you look at central bank policy overseas with the European Central Bank, the Bank of Japan and the People’s Bank of China, and you see the extremely stimulative, how do you factor that into your assessment of what’s going on in the global economy?”
“So in the world of QE [Quantitative Easing] post-financial crisis…what’s generally worked for investors is to own assets in the regions or the countries with very stimulative monetary policy but to hedge the currency risk, because generally those central bank policies are lifting up asset prices but causing the currencies to depreciate, and we think that is, to some degree, still the case. But we have to recognize that there are two big regions, namely Europe and then Japan, where the process has already pushed the currencies down pretty far…versus the dollar. So we have to kind of ask the question: how much further? Our sense is maybe not too much further down on the currencies, but we do think those are the areas where the asset price moves are going to be more favorable.”
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